Shiba Inu (SHIB) Under Intense Whale Siege, Trillions Stacked Amid Price Rebound

Crypto whales have launched a Shiba Inu (SHIB) buying spree, pumping millions of dollars into the memecoin ecosystem.

Whales Plunge Huge Funds Into SHIB Purchase

Blockchain analytics platform Lookonchain identified nine wallets that purchased about $35.2 million worth of SHIB tokens. Altogether, their purchase covered 1.356 trillion units of the Shiba Inu token at an average price of $0.00002596.

What a crazy buy!

9 wallets(2 whales) spent $35.2M to buy 1.356T $SHIB at an average price of $0.00002596 in the past 12 hours!

Address:
0xFB67EF6fE609edAb1e0595e6815634E8E4db9cF7
0xb2f1956eAE0817dB73C4D542A4861eE485B7e7c6
0x607C26c976272459A0896065E03a9b70C0Ef04B5… pic.twitter.com/yfSUyFSLQy

— Lookonchain (@lookonchain) June 5, 2024

Two of the wallets belong to crypto whales with each one purchasing up to 300 billion SHIB. Only two of the purchases summed up to 675 billion, representing about 50% of the entire purchases. Meanwhile, the lowest purchase was around 54 billion SHIB.

Coingape earlier reported that a previous SHIB investor who had earlier gained $145 million in profits, has re-entered the market after two years. To mark his return, this entity swapped 4,849 WETH, worth $18.5 million, for 715.8 billion SHIB in the space of five hours.

These sentiments suggest a heightened interest in the canine-themed memecoin. The consistent whale’s recent activity went beyond boosting SHIB’s price to also reflecting increasing investor confidence in the memecoin. The appearance of such substantial investment from an experienced trader usually suggest a bullish sentiment, which could attract more investors to the market.

At the time of this writing, Shiba Inu was trading at $0.0000259 with a 6.21% increase within the last 24 hours. It is worthy of note that this price increase reflects the broader outlook of the entire crypto sector. Bitcoin is currently showing bullish signs at a price above $70,000. Ethereum (ETH) has a market value of $3,836.56 after gaining 0.50% in the last 24 hours. This positive sentiment is the current state of the other altcoins in the market with few coins like Binance Coin (BNB) and Toncoin (TON) hitting All-Time Highs (ATH) earlier.

Engagement on Shiba Inu Ecosystem Trigger Price Increase

Some other events are contributing to the growing interest and adoption of SHIB. Few days ago, Shiba Inu was recognized by CF Benchmarks, one of the world’s leading digital asset index providers. Shiba Inu made it into CF Benchmarks’ Large Cap Asset Index signals growth on the part of the token.

In addition, Shiba Inu’s Layer-2 scaling solution Shibarium recently reduced the bridge time between Shiba Inu’s Layer 2 blockchain and Ethereum drastically. For the SHIB ecosystem, getting the seven days waiting time to less than an hour is major feat worth celebrating.

These events have all contributed to the outlook of the memecoin. With the uptick in the broad crypto ecosystem as well as the potential of more use cases, the token price could see more surge soon.

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